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Elliman Report: Manhattan, Brooklyn & Queens Rentals 6-2017
MANHATTAN The Manhattan rental market continued to show softer conditions at the top and the effective use of concessions by landlords to keep vacancy in check. The net effective median rent, face rent less the rental equivalent of brokerage commissions and free rent, was virtually flat at $3,410, down 0.1% from $3,413 from the same month a year ago. Face rents showed mixed results with 0.2% and 1.3% declines in…
BROOKLYN Overall rents in Brooklyn continued to slip as inventory expanded and landlord concessions reached their second highest level recorded for this series. The net effective median rent, face rent less the rental equivalent of brokerage commissions and free rent, was $2,813, down 1.6% from the same period last year. The average and median face rents also reflected year over year declines…
NW QUEENS The northwest Queens rental market comprised of the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside, remained significantly influenced by new development activity, accounting for 34.6% of new leases signed during the month. Consistent with this characteristic, new leases jumped 22% from the same period last year…
